Variable | Variable symbol | Variable definitions |

Donation | giving | the natural logarithm of the total amount of corporate charitable donations |

Environmental performance | env | the natural logarithm of the total amount of sewage charges of enterprises |

Enterprise age | age | study year minus establishment year |

The scale of the enterprise | size | the natural logarithm of final asset |

liabilities | debt | asset-liability ratio |

Enterprise liquidity | slack | current asset-liability ratio |

Performance | performance | return on total assets |

Duality | dua | whether the chairman is also the CEO, yes is 1, otherwise 0 |

The education level of board | b_edu | The average of the total educational level of all directors on the board (1 = secondary and secondary school, 2 = college, 3 = undergraduate, 4 = graduate, 5 = doctoral) |

The average age of board | b_age | The average age of all the members on the board |

The shareholding ratio of the largest shareholder | first | The shareholding ratio of the largest shareholder |

The ratio of independent directors | ra_inde | The ratio of independent directors |

Industry | Industry | Industry dummy variable |

Year | Year | Year dummy variable |